Business Desk, Amar Ujala, New Delhi
Published by: Deepak Chaturvedi
Updated Wed, Nov 10, 2021 11:59 am IST
Interest on savings accounts in Punjab National Bank (GNP) has been changed. In a shock to clients, the bank has lowered the savings account interest rate from less than Rs 10 lakh to just 2.80 percent per annum.
GNP (symbolic image)
– Photo: AUTO
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This change was made by the bank
According to the National Bank of Punjab, as of December 1, 2021, the interest rate will be 2.80 percent per annum on the amount of less than Rs 10 lakh in the savings account. Along with this, the interest rate for Rs 10 lakh and above has been set at 2.85 percent per annum. It’s worth noting that the former State Bank of India (SBI) has also lowered interest rates on savings accounts. SBI pays 2.70 percent annual interest on savings accounts up to Rs 1 lakh. This bank decision will affect both new and old customers, as well as NRI customers.
Relief for Home, Educational, or Auto Loan Borrowers
While, on the one hand, Punjab National Bank has surprised its clients by lowering interest rates on savings accounts, on the other hand, there is good news for this bank’s mortgage, auto, educational and personal loan borrowers. . The bank has announced that it will reduce its benchmark interest rate by 5 basis points to 6.50 percent. The Repo Linked Lending Rate (RLLR) has been lowered from 6.55% to 6.50% as of November 8. This reduction will make all loans, including home loans, auto loans, education loans, and personal loans, cheaper.